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liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking up tomorrow morning and then finding a thousand bucks missing, right off the top, does that sound over the top? in cyprus that is reason that thousands of bankustomers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, a keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a b-line for our other ass
with israel's new governing coalition sworn into office today. >> ifill: paul solman reports on older workers in academic institutions, professors in the classroom long past age 65. >> am i keeping track of jobs? yes. that's okay. as long as i'm a good teacher, that's what's important. >> woodruff: and we examine the republican national committee's call for a new direction for the g.o.p., a road map hoping for a rebound in 2016 and beyond. >> ifill: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: today's supreme court arguments pitted a national law against a 2004 arizona voter registrati
arizona and the federal government related to immigration issues. over the summer, the supreme court upheld part of a top state law that allowed police to check for immigration papers. other states, including alabama, georgia, kansas and tennessee, have similar laws on the books and a number of other states are also considering comparable measures. the obama administration supports the challenge to the arizona law. and today's arguments on the heels of another case that could roll back a key portion of the voting rights act of 1965. for more on today's arguments, we turn as always to marcia coyle of the "national law journal." she was in the courtroom this morning, and is back with us tonight. so the outcome, marcia, of this could actually tip the federal-state balance on who gets to govern how we vote. >> that's true, gwen. the question before the justices is where do you draw the line between who has the authority to regulate elections. the election clause of the constitution actually gives authority to both. but where is the line when one crosses or goes too far than the other doe
. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hu
with the current government funding measure now set to expire in less than 10 days. meanwhile, the white house let it be known late last night that president obama will announce today his nomination of assistant attorney general tom perez for the open labor secretary seat on his cabinet. and at the national press club here in washington this morning, republican national committee chairman reice preibus is set to release a report for a plan on how to expand the party in the future. and that's where we want to begin with you this morning in our first 45 minutes on the "washington journal." we want to hear from republican callers, just republican callers today about this report and the recommendations in it. in these first 45 minutes, we'll set up the phone lines for republicans in the eastern and central region at 202-585-3880. in the mountain and pacific region, republicans can call 202-585-3881. you can also catch up with us on all your favorite social media silingtse, on twitter and to ook, or email us journal@c-span.org. i want to take you to the statement yesterday. he was on cbs' "face the na
's consider working together on areas to change how the government does business and give more value to the taxpayer while we get spending under control. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from georgia, mr. arrow, for five minutes. mr. barrow: mr. speaker, i rise today to urge my colleagues to join me in support of house joint resolution 33 which would reshape the way washington operates. because congress has failed to do its job to find the spending cuts we need to replace the sequester, folks all across this country, including folks in my district in georgia, will pay the price. unfortunately in washington there are rules that prevent members of congress from being penalized for not doing their jobs. the constitution doesn't protect the folks at home so why should it protect the pay of members of congress? the 27th amendment of the constitution was written to prevent members of congress from giving themselves pay increases, but lately it's been used as a shield to prevent a congressional pay cut. my proposal, house joint resolutio
of a managed business or a managed government. i guess that would be saying that it's not a managed government. now, when we took up the budget in committee last week, i offered an amendment to strike the language that provided for the fast-track tax increase process. my amendment was meant to ensure that the tax reform would be conducted in a bipartisan manner to generate a more efficient, fairer and simpler tax code and spur economic growth rather than raise revenue through legislation that can be passed with a simple majority here in the senate. a simple majority vote would ensure that the minority party's views would receive little, if any, consideration. we'd have no input. debate time and the number of amendments that could be offered to improve the legislation would also be limited. we need to have an open process where all members can have their voices heard. we simply need to stop deal making and start legislating. we've had this system around here for awhile where we work from contribed crises that hav have -- contribed crises that have very specific dates in which the sky falls and
and believe in because that is the american dream. not government spending and government jobs. but rather a vibrant free enterprise system whereby there are employers who want to hire people to become employees to have careers, to then make this country better and stronger. the way you do that is by lowering government spending. by having a public-private partnership not by having the federal government be responsible for everything from a one-size-fits all health care industry to government control of every part of our lives. yesterday paul ryan very effectively, i believe, came before the house rules committee nd talked about a vision forward. what's very interesting is everybody else talked about let's just stick it to the rich. let's raise taxes trillions of dollars. let's go and stick it to special interests like people who he provide gasoline at the pump. to raise taxes on oil companies. ladies and gentlemen, every time you raise taxes, you raise prices. and every time you race -- raise prices the consumer has to pay more for it. these are the ideas that make america less able to be
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
for the united states government for fiscal year 2014, and so forth. mr. reid: mr. president, until 11:00, there is going to be conversation here on the senate floor. at 11:00, there will be six roll call votes. offices, senators should understand, the first vote will be 15 minutes, after that, ten minutes. as we said yesterday, we enforced it yesterday, when the time's up, we're closing it. if the republicans aren't here, too bad, if democrats aren't here, too bad. we're going to have a lot of votes today. so make sure everyone's here. understand if you're not, you will -- the clerks have been asked to turn the vote in. after the votes, we complete the six roll call votes starting at 11:00. there will be two hours of debate remaining on the resolution. therefore, unless something untoward happens, the vote-a-rama is expected to begin around 3:00 p.m. this afternoon. we hope everyone would be -- would understand that we have had about 400 amendments filed, 400. we're not going to do 400 amendments. the average that we have on these vote-a-ramas is between 25 and 35. and so i would -- e
even passed, the senate democrats' proposal leaves more debt and government that never stops growing. after four years, the democrats are unable to identify any real reforms, no tax reform and no entitlement reform and it's not a serious proposal. i stand again in support of the house budget because it's responsible, it's real, it balances in 10 years and it's the last thing from political. and i yield back. the chair: the gentleman yields back the balance of his time. the gentleman from maryland. van vanch you know -- mr. van hollen: you know what's wrong, mr. chairman? it's to pretend to the american people that you can have it all ways. what's wrong is to pretend that you have a budget that's imbalance in 10 years and pretend that you're getting rid all of the affordable care act, getting rid of obamacare. what's wrong is demagogging savings in medicare which we achieved by ending payments to private companies. by demagogging that and using it to balance your budget and say you know what? we didn't use it to balance our budget. that's what people don't like. people trying to have
. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a bill on capital controls which would be implemented once thi
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
in limited government and more individual liberty. >> sean: well, then that raises the question when you look at, say, paul ryan's budget versus the democrats they never get into balance. paul ryan saying he can balance it in ten years and increase spending, growth, 3.4% a year. is that conservative enough for you? >> well, we're tugging him in the right direction. last year, you know, my budget balanced in five years. mike lee had a budget that balanced in five years and paul ryan's budget was 28 years to get to balance. this year it's in ten so i think he's coming in the right direction. now, he does things a little bit different and i'm not saying i'm that critical. he tries to bend the curve of spending to slow down the rate of growth. what i say certain things shouldn't be done in washington. department of education i'd send it back to the states. that's what reagan said, what the republican party said. i'm one of the few who would dismantle some of the big bad things in washington and just say, that should remain with the states and the people. that's the only way you'll ever shrink the
they are eating a larger portion of americans' paychecks and the government's budget. if we continue on our current path, the medicare trust fund will be insolvent by 2024. and medicare and medicaid will grow from 24% of the federal budget to almost 30%, crowding out other needed investments. we have to reduce health care costs in both the private sector and public sector in order to ensure america remains competitive in a global market, but there is a right way to reform our health care system and there is a wrong way. with all due respect, mr. ryan's path is the wrong way. mr. ryan's plan for medicare and medicaid misses the point. his solution simply shifts the costs from government to patients rather than reducing health care costs. under the ryan budget, seniors would pay as much as $1,200 more each year by 2030 and $6,000 more by 2050. for over half of medicare beneficiaries with incomes less than $21,000, a $1,200 increase is a huge piece of their budget. he also proposes block granting medicaid, which would cut medicaid funding by approximately $700 billion over the next decade and
taxes taken out of the pockets of hardworking american families, more government spending which adds to the trillions of dollars in debt that will be handed down to the next generation. our friends on the other side of the aisle talk about a balanced approach, but they refuse to even balance their own budget. our vision calls for a stop to washington's failed policies and reckless spending. it says american families and small businesses understand you can't spend more than you take in. you need to balance your budget, and it's time for washington to do the same. this vision seeks to protect the things that we value most, to keep the promises we made to our seniors, to our veterans. i'm the son of a u.s. marine. while at the same time allowing us to leave a better future for our kids and our grandkids, that's the vision i want to work toward and that's why i'm proud to support the house budget committee's proposal which we'll be voting on later this week. this isn't about passing a budget for one year, just one time. this is about creating lasting solutions that help grow our economy
's a holiday here on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards a
the reported 10 billion euros. he said the number has been exaggerated by the communist government, the former communist government. the officials are saying the imf nor the ecb has independently verified this figure. tyler, i have a call in to the imf. i'm awaiting their response. >>> 40% of the deposits in the cyprus banks belong to foreigners. many of whom are russian investors. robert frank here with the fallout on this. i guess it's easier for the cyprus officials to say let me take the money out rather than lay the whole cost of this bailout on cyprus' taxpayers. >> but the way they did it is surprising. cyprus is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentio
with the risk of another government shutdown only two weeks away the budget battle heats up on the hill. the house and senate voting this week on their respective plans and then we'll have it out. good morning, everybody. great shot of washington, d.c. hope you had a great weekend. martha: i did. good morning bill hemmer, good morning everybody at home. i'm martha maccallum. what have we got here? president's budget proposal, his will not be released until early april. the dueling congressional plans are the only on shun out there. paul ryan thinks, understandably because it is his plan, thinks it is the best one. >> the goal the republican majority is to get us on a path to balanced budget to put the debt crisis out and borrow time with the bond markets. yes, i believe the president won't pass our budget into law but let's get a down payment and get a good start on the problem. that to me a constructive bipartisan engagement can accomplish. bill: with that as a baseline kelly wright live at the white house this morning a lot of talk about a grand bargain, is that being revived, kelly?
. and they are rushing to take out their money which lead to the government shutting down all of the banks until at least thursday. most upset about all of this is the russian president, vladimir putin. they are rumored of depositing 19 billion euros in the cypress banks. anyway, let's go live to cypress. >> leave him alone, man. >> almost as good as a hawk eating a mouse video. >> what did this mean for america? and america ferarra as a country. >> cypress is to russia as the caymen islands is to the united states. i don't think it is going to affects our banking system. they had that choice. either that country defaults or they tax the banks and it is the russian money that is in there. >> let's say you have money in the caymen islands. >> oh, i do, greg. >> you probably do. and then all of a sudden the caymen islands decides they will take your money. isn't that an act of war? >> are you a dope for doing it. qaddafi did that. all of those people had the money. the libyan banks and qaddafi and your choice is to poke them in the chest and say give it back and he said no. that's the risk you take. you sa
are faced with a government reaching into their personal bank accounts to pay its bills. this is not like a tax. it's a smash and grab. the government runs the banks, so when they're failing and need money, they could keep the deposits that the citizens have inside their accounts. cyprus needs to come up with 7 1/2 billion dollars on its on in order to get the european unions to loan it the rest of the money to keep the country running. it's like matching funds in a highway and in belgium holding last minute talks with european leaders. they better talk quickly because the european bank has been giving emergency cash to cyprus to keep the banks there afloat. that cash stops tomorrow if there's no deal in the works. some pictures now from earlier. citizens filling the streets in panics and their businesses hurting from no cash flow and the atm's shut down. and they're worried the government will take their money. greg palkot is in cyprus and brenda buttner in the studio. let's go to graeg. what's the latest for cyprus. >> reporter: harris, it looks like it's going to be an all-nighter. an
the high cost of government. >> i don't understand all the commotion about jones, especially if they are used by law enforcement. you mentioned that people think you are crazy if you are for jones. but what about the privacy base? think about it. police five helicopters over your house now. they have cameras. do you have a problem with that? they are useful and valuable as a law enforcement tool they can help look for lost people and bad guys and their quick on their response. the fuel and maintenance costs is lower than the cost of a helicopter. as a pilot, i want them flown on the under the watchful eye of the faa. but let's help law enforcement do a better job of keeping our neighborhoods safe. melissa: thank you, tom. be sure to catch it at seven and 10:00 p.m. on saturday and sunday, the tom sullivan show. i will be a guest this weekend. happy friday and thank you for joining us. have a great weekend. >> welcome, i am shibani joshi and four gerri willis. we will tackle the new blackberry. as i don't have anything to worry about? we will discover and talk about that as we
with you with the analogy. thanks so much. >> thank you so much. >> markets in the red as cypress governs pushing the vote on a bailout by another day, and the next guest says it's no agree. this is an isolated incident in a country so small with a very small limited economic output it went have an impact. joining us now is paul, president of heritage capital, and, paul, great to have you on the program. i know you heard phil's report on how the commodities markets react, and, yesterday, it seemed like investors were nervous, then calm, and, perhaps today they are nervous because maybe it's not just an isolated incident. maybe there will be a ripple effect more than anticipated. is it time? can you put it in the rearview mirror? >> we heard from the -- the last couple years, whatever it takes, they save the euro. whatever it takes. they are not going to have to load a revolver to save cypress, if they even want to. i think cypress is a one often. there's a lot of air in the markets. up roughly 10% on the year in equity, so, of course, any possible reason to pull some profits off the table
from the european central bank. it has created a solidarity, allowing the government to have power to impose capital controls on the big banks. while worried residents are lining up at atms. joining me now to help me with these developments is leadership for euro pacific capital. let me just start off the bat and ask you, the country has agreed to this solidarity funds. but i can't quite tell if this is the solution that the eu wants. could make good on the threat to kick out cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if you think about it, citizens around the world suffer from that tax. in the united states, how long havee had 0 #% interest rates in the united states how much money have savers lost who keep money in the bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative eang, food prices go up, gas prices up, and deposits lose value. ateast with the tax in cypress, it was more honest. the government up front saying
: meantime the house voted yesterday on a republican budget for next year that would shrink the government by another 4.6 trillion over the next decade. paul ryan says this is the only way to balance america's books. >> their plan this year, they can fire it and go to a new one next year. those plans compete against each other around drives down costs and increases quality. it is a bipartisan idea. we want to apply that idea to the rest of the medicare for the younger generation. what this shows you can make medicare solvent and sustainable. you can make sure you don't change it for current seniors and save it for the next generation with these kinds of reforms. bill: that plan is on the way to the white house. republican budget plan for 2014 calls for a balanced budget in 10 years and sharp cuts for safety net programs for the poor and other programs. >> sharp blow to the president's health care law three years after it was passed republican senator orrin hatch and democratic senator amy klobuchar leading the charge repealing a key medical device tax that helps bankroll the law. stuart va
's employees will be gone. where the red assets are going to the bank of cyprus. the government spending cuts will have to come along with tax increases. this deal still hurts. >> i do not think there is any denying that the cyprus people will have to go through tough times and will suffer the consequences. we had to adjust over relatively a short period of time. rich: now the question is what does this mean for the rest of the euro zone? this, the bailout should be a template for the rest of europe and banks should be reduced. back to you. connell: rich edson lives in cyprus. trading halted in some of those italian banking stocks also added the comments in terms of a template. time to bring in axel merck. your thoughts? >> good morning. when someone screams fire, you do not want to shut the accident. halting stocks, i do not think, is helpful at all. i think it is rather responsible. the question is what will happen. obviously, investors are taking action. connell: you just look at the big board here in the united states and the green at the beginning of the day has now turned red. european
have been really concerned with what's going on, with a government that buys 1.2 billion bullets, hires 16,000 new irs agents, a government that's spent a trillion more than they earn than brought in, it doesn't help. the people in this country who are afraid of losing their rights and liberty, it's scary. stuart: i want debt center stage, and it's not. >> it's not. it should be. it might be likely limited, but it shows there's nothing above political meddling. what used to be taboo is your deposits are safe from taxation. stuart: the time is up, butdagen, connell it's yours. connell: thank you, sir. dagen: if you bail out those depositors, why shouldn't they have to pay something for the bailout? just asking. connell: whole hour to talk about it. connell: good morning, stuart and company told you the bad news from europe is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats,
the deadline for cyprus. one spokesman for the cypriot government saying the next few hours will determine the future of his country. a couple of consumer reads, popping pre-market on quarterly result the company had in january and nike ends an eight-quarter streak delivering a quarter and the top expectations and shares soaring this morning. for all of you who have been waiting for the z10. the day has come. blackberry available in stores and we'll check in on a store to see how demand is shaping up. >> indexes looking to bounce back after posting their biggest losses in three weeks. wall street keeping a close eye on cyprus where officials are working on another plan to secure the bailout. thises as the mediterranean nation is facing an ultimatum by the central bank. face losing emergency funds for cyprus' banks. this morning the cypriot government spokesman said the next few hours will determine the future of the country. cyprus' finance minister has returned from russia after two days of unsuccessful talks there to reach some sort of funding deal. so that story goes on and it will play
next on cyprus. erin david is "morningstar"'s expert on international banks on the government's attempt to break into individual bank accounts. coming next she tell us the banks to stay away from who are exposed in this whole thing and whether or not it could ever happen here. sandra: and later this hour, we turn our eyes to fashion and the publicly-traded retail tears that mike -- retailers that might make a good fit for your portfolio. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. david: europe was hit by a financial earthquake with the news cyprus was set to confiscate 10% of all bank profit deposits for a bailout. taking income already earned and taxed seems to cross a line only hinted at by wealth taxes in the past. could we see the co
would scoop as much as 10% from everyone's bank account. >> so of course it's got the government worried about the banks. the banks will be closed in cypress for the next couple days. we're going to go live to europe and why it's rattling the markets in the united states as well. >> all over the world. meanwhile world leaders continue to arrive for the inauguration of pope francis. there's zimbabwe's long ruler made his way to rome. >> and vice president joe biden is leading the delegation for the united states. he's joining a long list of leaders and dignitaries who will witness the official installation of the former cardinal from argentina. francis is the first latin american to head the catholic church. >>> inmates back in custody but not until they had broken out of jail in quebec in rather unusual fashion. >> one witness describes it kind of as a james bond moment. you have these inmates hoisted onto a hijacked helicopter, flew away and then this is all happening in broad daylight. >> amazing scene. paula newton is in ottawa. it does sound like something out of a movie. this has ha
was fixed. obviously, not. there is the perfect play for gold. when you get a government taking money out of somebody's bank account, you know, in the name of austerity or fixing the bank, that is the perfect reason to go to gold. gold, of course, has been gaining strength in recent weeks on this news, obviously, back over 1600 an annals. we're even -- on amounts, and it's even a bit higher. some say we overplayed it, the markets coming down again. i heard that about greece about 57 times. look at the copper market. this is another interesting market when you look at, you know, the strength of the economy. it's down right now nine cents, a huge move for copper. we're a little bit easier, so it does raise concerns, of course, of how the overall economy's going to do, and that's why the markets are coming down right now on the copper. the industrial matter took a hit. as well as what we see in gold. >> i think, phil, people realize that cypress is a small economy, a small financial system which is why oil is backing up again. >> it is, no doubt about it. they are a small part of the pie, bu
. that is one way to hedge it. there is more concern on at this time alley -- italy forming a new government. last three years we had the o in the first quarter only to see in april and may a curveball is thrown at us. that might be in the back of traders mind. david: a new government in italy. what a shock and surprise? only happens about twice a year. shibani: a lot of deja vu going on. tim, we'll check in with you with a few minutes to see how the s&p futures pit closes. david: thanks, tim. let's bring in the market panel with ralph and jim. great to see you. happy friday. jim, first to you, no matter what you throw at this market it keeps climbing. do you think it continues throughout the year? are we going to be closing out the year at new highs? >> david, i think we make new highs but i'm not sure we would close out the year at new highs. we'll see a higher market in here, but i think we'll probably consolidate something below that and close the year but it will still be a very good year for the equity markets. as you point out complacency in my experience does not make good investment
with their own sell order what's going on. housing is a big part of the economy but so is government spending. i think government spending is really being ratcheted back here. that's going to be a major focus in the month of april. we'll hear endlessly about government spending coming down. >> the note on oracle this morning, this shows incremental softness in i.t. spending environment. that's weighing on all tech names. ibm is down 1.25%. that's a huge weight on s&p 500 at this hour. a lots of them we are watching in the tech sector. s.a.p. down 2.5%. crm down 1%. it is taking everything down at this point. >> oracle was bad. can't mince words about it. >> was oracle being bad a sign of what's bad in overall tech spending or was oracle bad more of a sign of what's bad at oracle? or both? >> it is a big government provider. dell is, too. that's hurt dell. this was sloppy execution. deliver, deliver, deliver. are they losing share in the cloud? clearly. they won too many nine-figure deals. at the same time the market says i want to buy that weakness. why is lululemon up? they want to buy that wea
a bill to avoid a government shutdown to fund agencies through september 30th. senators voted 63-35, in case you're wondering, to limit the debate o legislation. a final vote on the bill could come as early as today. it would be sent to the house for final approval this week. we're going to talk more about the financial issues facing the country with fix the debt. mark burtolini is the ceo and chairman of aetna. >> he said they've -- i think they've done some layoffs. the layoffs were set in place. >> will you combine the white house -- you know, those were shut down with the easter egg hunt. didn't you go on that one year? >> yeah. >> it's starting to dig. it's start to go cut. >> why are people so outraged? >> about the easter egg hunt? >> come on. >> this is one of those things you're not supposed to comment on, right? >> i love easter. >> you really do? >> but you don't have to have it paid for with taxpayer dollars. >> i love the eggs and hiding the eggs. >> it's secular. >> it's in that category. >> you know what it represents. >> it is. >> my birthday is number three, the
and that can be done in a couple of days, you reduce the government's financing demand requirement down to approximately 5 billion euros. because then all your financing are the government deficits. >> adam, thank you so much. >> my pleasure. >> becky, you highlight a really good point. what is very clear from this government and also from the people on the ground that i've spoken with is they absolutely don't want to see a reduction in the sides of the banking system here because they know that is what 50% of the economy and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ears. bu
government takes step to tame inflation. the metal extended last week's decline, dropping to $3.45 a pound. liz: we have phillip in the pits of the cme. a pretty wild day. plus our market panel. john tanglewood and ron weiner. before we get to those two gentlemen, let's start with phillip at the cme. it was an interesting day. at one point we were down nearly 120 points. another we would up 51 points. which side do we end tomorrow? >> real interesting day, liz. i woke up. i saw the news on cyprus. i turn on fox. everything is happy. i thought we would blow to the upside and it would be a great day. the clouds had lifted but it was behind us now. later on as the day developed dutch finance minister coming out saying this problem might not be over. we might assess other euro area banks and might be too large and ask them to restructure or downsize. that starts to get the fears of contagion. that's why you saw the s&p 500 give up its gains, trade off to the lows. you saw the euro currency sell off as well. a little bit of bidding coming into the end of the day. that is just your first quarter
of the israel government and yet unflinching support for their security can go hand in hand. no it's true. yes. [ gasping ] >> hal: and the president showed that in israel yesterday. we have had an either/or policy. we have had presidents who side completely with israel you know, and just unflinchingly any jerk, go with whatever the president does and ignore -- >> the no daylight strategy. >> hal: yeah, if they start building settlements, it's like well, i can't really -- and acting as if that's not hamstringing the peace process throughout. but at the same time, you know -- and then you have other presidents who are like i'm not a fan of how we're doing things so we'll drift back and let it -- you know, let our standing boilerplate, we always stand with israel, and no outreach to the people no expression into the process, and that's -- that's been our back and forth. >> uh-huh. >> hal: i have -- i can't recall a president doing basically what the israeli palestinian conflict is, since carter i suppose, the way clinton did it with the -- with the ira, british idea. this can
-free and it is not risk-free. there should be a risk premium associated with government debt and if you had a country like cyprus that essentially declared bankruptcy, and renegotiated these debt agreements, that might raise the interest rates of other countries. and that might not be such a bad thing. there would be more money going into private companies and less going into government. >> yeah. >> the other element of this i think is really interesting, there is a big debate whether the e.u. or whether russia will bailout cyprus. melissa: right. >> cyprus, according to recent figures i saw, the russians have about $50 billion invested in cyprus banks. so they have a lot at stake here. even though they seem tt be backing away from any kind of a bailout measure. melissa: no, absolutely. i think that is the larger story that maybe a lot of people are missing that this story has really a lot to do with russia. they have their hooks very deep in cyprus. that is their kay manned island equivalent. >> that's right. melissa: they talk about hey we bail you guys out in exchange for it we get natural gas field? o
government at home and abroad. >> rand paul wants to accomplish the departments of education and congress and epa. >> small detail. >> and the federal reserve and abolish the income tax. the second amendment which does not allow in his opinion for any form of gun control whatsoever. he makes mitt romney look looks michael due dukakis. >> i paint in primary colors. >> these are details. >> they are details i would just as soon ignore. on some of those fronts. but, again, overall, the primary message that he delivers is less government at home and restraint abroad which you know what? the republican party has been reckless over the past decade. we have paid a lot for it with our philosophy. and so i think he's a good symbol like his father. listen. i voted for his father in the republican primary in 2012. did i agree with what he said about 9/11? >> god, i hope not. >> absolutely not. there are a lot of things that rand paul said i think are way out there and i disagree with, but the core issue of small government at home and restrained foreign policy abroad, i will -- >> not a realistic se
, but the key question for cypress now, given that this is a brand new government, they've only been in town for three weeks and they made an ex politicsit promise that they wouldn't hit depositors, that's going to be the key issue. can they pass it through parliament? carolin roth is the best person to speak to you about that. >> julia, thank you so much for that. everyone here in cyprus is anxiously waiting for that vote on a very controversial bailout deal. now, i should mention that at this point, the ruling party under the president does not have a clear majority in parliament to be able to push through that controversial vote because press reports are indicating that up to three parties could be voting against that bailout deal because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eu
partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion e
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